FD is right. I believe that the only price that is relevant in...

FD is right. I believe that the only price that is relevant in the law is what price the bidder e.g. RG (including his associates) had paid for any purchases that he made in the 4 months before launching a takeover. Under the usual route to CA- s661A following a takeover -a bid (and therefore CA) must be at no less than the highestprice that RG paid in the previous 4 months. It is irrelevant what the market price is at the bid time. Of course bids are usually made at a premium to the market price, to be attractive to the target shareholders, but in theory a bidder may offer less* than the recent market prices, as long as that doesn’t breach the 4 month price rule ( *although it would be unlikely to get many acceptances)!